Oregon Housing and Community Services has announced that the new Land Acquisition Program (LAP) is anticipated to open and begin accepting loan applications on Nov. 19. See below for the full announcement from OHCS.

Funds are expected to go extremely quickly and will be time stamped with proposed tie breaker guidelines that include parameters like having a Board-approved diversity, equity and inclusion plan and demonstrated community needs.

Initial funding for this program is $2.5 million with a 40% soft set-aside for homeownership. For the initial offering of this program, only organizations seeking to acquire property in areas that meet the “Rural” definition established for LIFT are eligible.

To apply, there is a $500 application fee and initial fee of 1% of the total loan. No payments will be due on the loan until homes are built and sold within the 8-year timeframe. At that point, the balance of the loan is due with 1% simple interest. Additional costs to participate include providing an appraisal by an approved provider (due at time of application) and title insurance.

From OHCS:

We are excited to announce that the new Land Acquisition Program (LAP) is anticipated to open and begin accepting loan applications on Nov. 19, 2018. LAP is a first come, first served program based upon date received. Applications will be reviewed for program required standards. Multiple applications received on the same day and resulting in fund oversubscription will be evaluated based upon selection criteria.

LAP was established by 2017 HB 2912 and provides loans for the purchase of land to be used for the development of affordable rental or homeownership housing. The loan can remain outstanding for up to eight years and is repayable at the time of construction financing. The initial resources will target land purchase for affordable housing development in rural areas of the state.

For additional information regarding LAP and application requirements, please visit the LAP webpage. For purposes of program requirements for entering into a purchase and sale agreement, applicants may use the date of this notice as the initial program announcement.

At Habitat for Humanity of Oregon, we believe that everyone deserves a decent place to live. Today, our neighbors and friends can work full-time, earn an average wage, and still not afford to rent a one-bedroom apartment in most communities across Oregon. We know we can help more Oregonians have a safe and stable place to call home.

This November, Oregon voters will be asked to approve Measure 102, a statewide constitutional amendment to help local communities build affordable housing.

The amendment would lift the current ban on the ability of local governments to work with nonprofits and local businesses to build affordable housing with bonds. This small change means local housing bond dollars can go farther, helping communities address the need for homes that people can afford. Habitat for Humanity is among a growing coalition of organizations, businesses, elected officials and community members who are taking a stand to support affordable housing.

The Oregon Legislature voted almost unanimously to refer this constitutional amendment to voters. The amendment is a sensible, bipartisan solution to help local communities create more affordable housing for families, seniors, veterans, and people with disabilities throughout Oregon.

Join us in supporting #HomesWeNeed by voting YES on Measure 102 on Nov. 6.

On Friday, Sept. 7, the Housing Stability Council approved Oregon Housing and Community Services staff’s recommendation to fully fund all five Habitat for Humanity applications for LIFT for Homeownership. Benton Habitat for Humanity, Newberg Habitat for Humanity, Rogue Valley Habitat for Humanity, Sisters Habitat for Humanity and Tillamook County Habitat for Humanity will leverage this investment to help build 28 new homes.

The five affiliates were approved alongside four additional organizations (Kor Community Land Trust, NeighborWorks Umpqua, Proud Ground and Willamette Neighborhood Housing & NEDCO) that will build a total of 84 homes across the state.

The Local Innovation and Fast Track (LIFT) Housing Program’s objective is to build new affordable housing for low income households, especially families. In 2015, the Oregon Legislature committed $40 million of general obligation Article XI-Q bonds to fund the LIFT program. Using this new funding source will allow Oregon Housing and Community Services and its partners to add to the supply of affordable housing, in particular, for historically underserved communities. In 2017, the Oregon Legislature committed $80 million of general obligation Article XI-Q bonds to fund the LIFT program in 2018 and 2019.

The primary goals of the LIFT program are: 1. Create a large number of new affordable housing units to serve low income Oregonian families. 2. Serve historically underserved communities, including rural communities and communities of color.

The next opportunity apply for LIFT for Homeownership will be in November of 2018. Please contact Grant & Loan Manager Andrew Cook today if you are interested in submitting an application. OHCS will have $10.42 million available for LIFT for Homeownership, with $6.11 million for closing the minority homeownership gap and $4.31 million for rural applications.